Corporate action: GIAA's path towards aviation & tourism holding SOE
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Bisnis Indonesia - Aksi Korporasi: Jalur GIAA menuju holding BUMN aviasi & pariwisata
3 February 2023
By: Nuhansa Mikrefin Y.P
Jakarta - The airline issuer PT Garuda Indonesia (Persero) Tbk (GIAA) is set to join the aviation and tourism state-owned enterprise (SOE) holding PT Aviasi Pariwisata Indonesia (Persero) or InJourney in 2024.
SOE Deputy Minister II Kartiko Wirjoatmodjo said that he did not know the specific date when GIAA would join the tourism SOE holding.
“Next year at the latest,” Tiko said at the Coordinating Ministry for Maritime Affairs and Investment building on Thursday (2/2).
The signal for GIAA is clear if the company has released their Q1 2023 performance report. So, the public can see GIAA’s performance. According to him, the company’s performance will affirm the step of the next corporation.
“Later, people will see the real performance,” he said.
Garuda Indonesia logged a revenue of US$1.5 billion or Rp23.6 trillion (JISDOR rate at Rp15,681 per US dollar) in the first nine months of 2022. This revenue significantly increased from US$939 million last year.
However, he mentioned that the holding had yet to target the exchange as the tourism sector was still in recovery and looking for value unlock.
InJourney has officially received state equity participation (PMN) by transferring shares in PT Pengembangan Pariwisata Indonesia or Indonesia Tourism Development Corporation (ITDC) this week.
Meanwhile, InJourney President Director Dony Oskaria said that his company was still waiting for the direction from SOE Minister Erick Thohir. Currently, information is still limited regarding GIAA joining InJourney.
“Later, we will wait for the direction from the SOE Minister,” Dony said.
Previously, Tourism and Creative Economy Minister Sandiaga Uno set the tourism and creative economy sector to contribute 50% to the initial public offering (IPO).
Sandiaga predicts that the issuance value of companies in the sector that he leads reaches around Rp50 billion to Rp500 billion. He sees that the fundraising prospect of companies in the tourism and creative economy sector is quite positive amid the economic recovery.
